Govt rejects bids for HZL
New Delhi: The government has rejected the Sterlite Industries' bid for Hindustan Zinc (HZL) on the ground of being below the reserve price. The government also put on hold the privatization of three other properties of Hotel Corporation of India due to poor response.

Announcing this disinvestment minister Arun Shourie said bids for two other hotels of HCI at Delhi and Mumbai Airports were also rejected on the grounds of being below reserve prices.

While rejecting the bids of Sterlite, the cabinet committee on disinvestments decided to award the Juhu Centur hotel of HCI to Tulip Hospitality of Ajit Kerkar for Rs 153 crore and Rajgir hotel to Impact Travels for Rs 6.51 crore.

The government would invite fresh bids for Chefair (Mumbai) for which no response was received during the current round, besides Centur hotels at Delhi and Mumbai Airports.
Tulip Hospitalities, headed by former chief of Indian Hotels Ltd (Tatas) Ajit Kerkar, also has a tie-up with travel company Cox and Kings.
Back to News Review index page  

Tata Power, BSES seek clearance for due diligence
Mumbai: Tata Power Company (TPC) and BSES Ltd have sought a clearance from troubled US energy major Enron for carrying on due diligence of its controversial Dabhol Power Company (DPC), which is up for sale at $1.2 billion.

Both the companies have submitted separate proposals, including various terms and conditions and a request for carrying out due diligence before beginning the actual valuation process.

The IDBI-led consortium of FIs concluded their meetings with the energy major and the private companies this morning after almost two and half days of marathon negotiations trying to find a solution to the Dabhol imbroglio.
Back to News Review index page  

Centre extends KIOCL mining lease
Mangalore: The Union government has agreed to extend the mining lease period of Kudremukh Iron Ore Company Ltd (KIOCL) in Karnataka for another 20 years, clearing a proposal being opposed by environmentalists.

Union minister of state for steel Braja Kishore Tripahty told reporters in Mangalore that the government, would, however, file a revised affidavit in this regard in the Supreme Court, where the issue was now pending.

The Centre had earlier filed an affidavit, agreeing to extend the lease by five years, based on a Karnataka government report.
Back to News Review index page  

Car makers offer Diwali bonanza
Mumbai: Customers can now save anywhere between Rs 15,000 to Rs 36,000 in interest rates if they buy a Toyota Qualis or a Honda City during Diwali festival.

Toyota Kirloskar Motors and its dealers have negotiated special rates with some leading finance companies to cut the interest rates down from 14 per cent to 11.5-12 per cent.

Honda Siel, the makers of Honda City and Accord cars, has introduced a zero interest finance scheme up to Rs 6 lakh for one year for the Honda City 1.3 Exi model.

This actually leads to a saving of almost Rs 36,000 on interest repayment. The car costs about Rs 7.91 lakh.
Back to News Review index page  
Disprin drops 'Plus' from name
New Delhi: Reckitt Benckiser India has decided to drop the suffix Plus from the Disprin Plus brand and replace it with Paracetamol.

Disprin Plus, a painkiller, will be called Disprin Paracetamol in order to avoid confusion amongst consumers about its contents.

Reckitt is moving to the new name on the advice of government agencies like the National Pharmaceutical Pricing Authority and the Drugs Controller General of Karnataka, the state where the product is manufactured.

Reckitt had already spent Rs 2.5 to 3 crore in awareness and promotional campaigns on Disprin Plus.

Disprin, the original painkiller brand of Aspirin, which is price-controlled by the government, had been phased out of the market some months ago, and has been replaced by Disprin Plus containing paracetamol.
Back to News Review index page  
Oswal to launch casual wear
New Delhi: Nahar Groups flagship company Oswal Woollen Mills plans to launch casual shirts early next year. The shirts will be available in two ranges -- one costing less than Rs 500 and another priced above Rs 700.
Monte Carlo, the premium apparel brand of Oswal, had launched its outerwear collection 2001 recently. With the launch of this pre-winter collection, for the first time ever, Monte Carlo now has a complete range of clothing for all seasons, throughout the year.
Back to News Review index page  
Kingfisher to sponsor cricket
Bangalore: United Breweries is returning to cricket sponsorship in a big way as part of its gameplan to make Kingfisher a global brand.

To begin with, it will be the official beverage for the two-day annual six-a-side cricket tournament in Hong Kong. Eight countries will participate in the tournament.
Cricket will be one of the platforms for UB to establish Kingfisher globally..
Back to News Review index page